Annual Report

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HUBER+SUHNER Annual Report 2010 · Part 2 Notes to Financial Statements 1 Summary of significant accounting policies 1.1 General The financial statements of HUBER+SUHNER AG are prepared in accordance with Swiss corporation law. 1.2 Foreign currency translation Balance sheet items denominated in foreign currencies are converted into Swiss francs at the year-end exchange rates (see supplement to Group Financial Statements). 1.3 Cash and cash equivalents Cash and cash equivalents consist primarily of term deposits, cash, bank and postal checking accounts, bills of exchange and checks. 1.4 Marketable securities The securities portfolio includes bonds, equity instruments, mutual fund shares and fixed-term deposits. Securities are valued at the lower of cost or market value. A provision is made where necessary for any impairment in value. Revenue from securities is included in financial revenue and expenses are included in financial expense. 1.5 Investments in subsidiaries Investments in subsidiaries are valued at acquisition cost less any reserve for an impairment in value. 1.6 Intercompany receivables Short-term intercompany receivables are for sale of goods, short-term loans and interest. Long-term receivables are for loans to subsidiary companies. 1.7 Provisions Provisions are established mainly for warranties and for miscellaneous commercial risks. 1.8 Share capital See note 37 of the Financial Report for the composition of capital stock. 56 1.9 Reserve for treasury shares This reserve was made in accordance with the Swiss Code of Obligations for shares of HUBER+SUHNER AG held by the Company (see note 7 in the notes of HUBER+SUHNER AG). 1.10 Sales Sales of the Parent Company are shown as a gross amount. They represent the total value of invoices reduced by sales taxes and credits for returns, but before reductions of revenue such as rebates and cash discounts. 1.11 Other operating revenue This includes revenue from other activities such as the sale of scrap, miscellaneous services, the capitalisation of internally produced capital goods, the release of provisions and miscellaneous, not periodical, operating revenue from third parties. 1.12 Financial revenue Financial revenue comes primarily from cash investments and securities, dividends from subsidiary companies, intercompany interest, gains on foreign currency exchange and securities. 1.13 Non-operating revenue and expenses This is mainly revenue and expenses from real estate not directly related to the business and from fuel sales to employees. 1.14 Other operating expenses This is composed of plant, selling, administration and tax expenses as well as provision expenses. 1.15 Financial expense Financial expense represents primarily interest expense, bank fees, losses on securities and foreign exchange losses. Financial Statements HUBER+SUHNER AG
2 Securities granted to third parties in CHF million 2010 2009 Guarantees for loans with promissory notes and other loans to Group companies 2.9 5.1 3 Fire insurance value of property, plant and equipment in CHF million 2010 2009 Buildings 288.1 288.5 Machinery and equipment 361.9 352.5 Total fire insurance value of PP&E 650.0 641.0 4 Liabilities to pension funds in CHF million 2010 2009 Total liabilities to pension funds 0.1 0.1 5 Investments in subsidiaries See page 50 for a list of the Group companies. 6 Net release of hidden reserves in CHF million 2010 2009 Total net release of hidden reserves 0.0 25.5 7 Treasury shares 2010 2009 Number at 1.1. 1 081 517 832 091 Purchases 105 846 249 426 Sales (410 800) 0 Number at 31.12. 776 563 1 081 517 Balance sheet amount at 1.1. 13 226 4 023 Purchases 4 443 9 203 Sales (15 589) 0 Balance sheet amount at 31.12. 2 080 13 226 For further information on shareholders’ equity refer to page 48. HUBER+SUHNER Annual Report 2010 · Part 2 8 Major shareholders Shares of votes and capital 2010 2009 H. C. M. Bodmer 11.88% 11.88% Metrohm AG 10.62% 10.62% S. Hoffmann-Suhner 6.28% 6.28% Lombard Odier Darier Hentsch Fund Managers 4.75% 4.75% Huwa Finanz- und Beteiligungs AG 3.17% – Information about published disclosure notices following Art. 20 BEHG are included in Corporate Governance (clause 1.2). Investment in subsidiaries are listed in the notes to Group Financial Statements, according to OR 663c (see note 15). 9 Compensation and loans Information about compensation and loans as per OR 663b bis are listed in the notes to the Group Financial Statements (see note 15). 10 Authorised and conditional capital There is no authorised or conditional capital. 11 Risk assessment The risk management system of the HUBER+SUHNER Group and of all Group companies is laid down in the Board of Directors’ risk strategy and the Executive Group Management’s guidelines on the risk management process (see notes of the Group Financial Statements, page 23). This company-wide risk management also covers the operating activities and the specific risks of HUBER+ SUHNER AG. There are no other items to be disclosed as per article 663b of the Swiss Code of Obligations. Financial Statements HUBER+SUHNER AG 57
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HUBER+SUHNER Annual Report 2010 ·
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Annual Report 2010 · Part 2 Corpor
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HUBER+SUHNER AG has published three
Page 7 and 8: Standing committees, composition an
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Page 15 and 16: Commentary on the Financial Report
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Page 21 and 22: Notes to Group Financial Statements
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Page 39 and 40: Compensation of Board Members 2010
Page 41 and 42: 19 Cash and cash equivalents Notes
Page 43 and 44: Changes in inventory provision 2009
Page 45 and 46: Property, plant and equipment 2009
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Page 53 and 54: Report of the Statutory Auditors HU
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Page 57: Balance Sheet (before appropriation
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Page 63 and 64: Financial Calendar Financial year 2
Page 65 and 66: Publisher’s Information Concept a
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Annual Report

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